<SEC-DOCUMENT>0001571049-15-004875.txt : 20150604
<SEC-HEADER>0001571049-15-004875.hdr.sgml : 20150604
<ACCEPTANCE-DATETIME>20150604150724
ACCESSION NUMBER:		0001571049-15-004875
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150531
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150604
DATE AS OF CHANGE:		20150604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FULL HOUSE RESORTS INC
		CENTRAL INDEX KEY:			0000891482
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				133391527
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32583
		FILM NUMBER:		15912845

	BUSINESS ADDRESS:	
		STREET 1:		4670 S. FORT APACHE ROAD
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89147
		BUSINESS PHONE:		7022217800

	MAIL ADDRESS:	
		STREET 1:		4670 S. FORT APACHE ROAD
		STREET 2:		SUITE 190
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89147
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>t82498_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C.&nbsp;&nbsp;20549</B></P>


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    <TD STYLE="width: 20%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):&nbsp;&nbsp;May
31, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FULL HOUSE RESORTS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Delaware</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></td>
    <td style="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">1-32583</font></td>
    <td style="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">13-3391527</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of incorporation)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(Commission File Number)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification No.)</font></td></tr>
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    <td style="width: 67%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4670 S. Fort Apache Road, Suite 190</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Las Vegas, Nevada</P></td>
    <td style="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">89147</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(Address of principal executive offices)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(Zip Code)</font></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;702-221-7800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 33%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td>
    <td nowrap style="width: 34%; border-top: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">(Former name or former address, if changed since last report)</font></td>
    <td style="width: 33%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 4%"><font style="font-size: 10pt">&#9744;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9744;</font></td>
    <td><font style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9744;</font></td>
    <td><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9744;</font></td>
    <td><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a
Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Amendment to First Lien Credit Agreement</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective May 31, 2015, Full House Resorts,
Inc. (the &ldquo;Company&rdquo;) entered into a Fourth Amendment to First Lien Credit Agreement (the &ldquo;First Lien Amendment&rdquo;),
which amends certain provisions of the First Lien Credit Agreement dated as of June 29, 2012 (as amended, the &ldquo;First Lien
Credit Agreement&rdquo;) by and among the Company as borrower, the lenders from time to time parties thereto (the &ldquo;First
Lien Lenders&rdquo;) and Capital One, National Association (&ldquo;Capital One&rdquo;) as administrative agent for the Lenders,
as L/C Issuer and Swing Line Lender (each as defined in the First Lien Credit Agreement).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The First Lien Amendment (i) extends the period
for draws against the $10 million term loan associated with the hotel construction at Silver Slipper Casino and Hotel to August
31, 2015, and (ii) extends the time that the first payment is due for this term loan to October 1, 2015.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the First Lien Amendment is attached
as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the First Lien Amendment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company&rsquo;s subsidiaries entered into an Acknowledgment of
First Lien Guarantors (the &ldquo;Acknowledgment of Guarantors&rdquo;) dated May 31, 2015 by and between (i) Full House Subsidiary,
Inc., Full House Subsidiary II, Inc., Gaming Entertainment (Indiana) LLC, Gaming Entertainment (Nevada) LLC, Stockman&rsquo;s Casino,
and Silver Sipper Casino Venture LLC, and (ii) Capital One as Administrative Agent and Collateral Trustee for the Lender Parties
(each as defined in the First Lien Credit Agreement). The Acknowledgement of Guarantors is attached as Exhibit 10.2 to this Form
8-K and incorporated herein by reference.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the requirements of (i) the Second Lien Credit Agreement
dated as of October 1, 2012, as amended, by and among the Company as borrower, the lenders from time to parties thereto (the &ldquo;Second
Lien Lenders&rdquo;) and ABC Funding, LLC (&ldquo;ABC Funding&rdquo;) as administrative agent for the Second Lien Lenders, and
(ii) the Intercreditor Agreement by and among Capital One, ABC Funding, the Company and the Company&rsquo;s subsidiaries identified
therein dated October 1, 2012, ABC Funding (as Second Lien Collateral Trustee for the Second Lien Lenders), executed that certain
Acknowledgment of Second Lien Lenders dated as of May 31, 2015 in favor of Capital One, as administrative agent and collateral
trustee for the First Lien Lenders (the &ldquo;Second Lien Acknowledgement&rdquo;). The Second Lien Acknowledgment is attached
as Exhibit 10.3 to this Form 8-K and incorporated herein by reference.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B></B></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.03</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Creation of a Direct Financial Obligation
    or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></FONT></TD>
    </TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The information provided in Item 1.01 above is incorporated herein
by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 9.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial Statements
and Exhibits</B></FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 48px"><font style="font-size: 10pt">(d)&nbsp;</font></td>
    <td style="width: 96px"><font style="font-size: 10pt">Exhibits</font></td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 48px">&nbsp;</td>
    <td style="width: 96px"><font style="font-size: 10pt">Exhibit 10.1</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Fourth Amendment to First Lien Credit Agreement dated as of May 31, 2015, by and among Full House Resorts, Inc. as borrower, the lenders from time to time parties thereto and Capital One, National Association, as administrative agent for the Lenders, as L/C Issuer and as Swing Line Lender.</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 48px">&nbsp;</td>
    <td style="width: 96px"><font style="font-size: 10pt">Exhibit 10.2</font></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Acknowledgment of First Lien Guarantors dated
        May 31, 2015 by and between (i) Full House Subsidiary, Inc., Full House Subsidiary II, Inc., Gaming Entertainment (Indiana) LLC,
        Gaming Entertainment (Nevada) LLC, Stockman&rsquo;s Casino, and Silver Sipper Casino Venture LLC, and (ii) Capital One, National
        Association, as Administrative Agent and Collateral Trustee for the Lender Parties.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Exhibit 10.3</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Acknowledgment of Second Lien Lenders dated May 31, 2015 executed by ABC Funding, LLC as administrative agent and collateral trustee for the Second Lien Lenders (defined below) listed in that certain Second Lien Credit Agreement dated as of October 1, 2012, as amended, by and among the Company, as borrower, the lenders from time to time parties thereto (the &ldquo;Second Lien Lenders&rdquo;) and ABC Funding, LLC as administrative agent for the Second Lien Lenders.</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 50%"><font style="font-size: 10pt"><b>Full House Resorts, Inc.</b></font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td><font style="font-size: 10pt">Date: June 4, 2015</font></td>
    <td style="border-bottom: black 1px solid"><font style="font-size: 10pt">/s/ Elaine L. Guidroz</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Elaine L. Guidroz</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Secretary</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>t82498_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <td style="width: 100%; border-top: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt"><b>Exhibit 10.1</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOURTH AMENDMENT TO<BR>
<U>FIRST LIEN CREDIT AGREEMENT</U><BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS
FOURTH AMENDMENT TO FIRST LIEN CREDIT AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;), dated as of May 31, 2015 (the &ldquo;<U>Effective
Date</U>&rdquo;), is entered into by and among FULL HOUSE RESORTS, INC., a Delaware corporation (the &ldquo;<U>Borrower</U>&rdquo;);
each of the undersigned financial institutions (collectively, the &ldquo;<U>Lenders</U>&rdquo;); and CAPITAL ONE, NATIONAL ASSOCIATION
(&ldquo;<U>Capital One</U>&rdquo;), as administrative agent for the Lenders (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;),
as L/C Issuer and as Swing Line Lender (as such terms are defined in the Credit Agreement referenced below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower, Administrative Agent and Lenders have executed a First Lien Credit Agreement, dated as of June 29, 2012 (as amended,
the &ldquo;<U>Credit Agreement</U>&rdquo;) providing for a Revolving Loan in the maximum aggregate principal amount of $5,000,000,
a Term Loan in the original principal amount of $50,000,000, a Term Loan (Hotel) in the maximum principal amount of $10,000,000
and a Swing Line Loan in the maximum principal amount of $1,000,000. Capitalized terms used herein and not otherwise defined herein
shall have the meanings defined in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has requested that the drawdown deadline for the Term Loan (Hotel) and the beginning of the amortization period for the
Term Loan (Hotel) be extended. The Administrative Agent and Lenders are willing to accept such requests on the terms and conditions
set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the above Recitals and the mutual covenants herein contained, the parties hereto hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AMENDMENTS
TO CREDIT AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
2.01(g)(iii) (<U>Loan Facilities, Scheduled Payments; Schedule Principal Payments &ndash; Term Loans</U>); 2.01(h)(iii) (<U>Loan
Facilities, Term Loan (Hotel</U>)), 2.04(b)(ii) (<U>Amount Limitations, Commitment Reductions, Etc.; Mandatory Reductions of Commitments</U>)
and 2.05(c) (<U>Fees; Commitment Fees</U>) of the Credit Agreement are hereby amended to substitute August 31, 2015 for May 31,
2015, and October 1, 2015 for June 1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.02(a) (<U>Construction, Covenants, Commencement and Completion of Improvements of the Construction Monitoring and Disbursement
Agreement</U>) is hereby amended to substitute August 31, 2015 for May 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specifically amended hereby, all of the remaining terms and conditions of the Credit Agreement shall remain in full force and
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MISCELLANEOUS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. Borrower represents to the Administrative Agent and the Lenders, as of March 31, 2015, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
representations <FONT STYLE="letter-spacing: -0.05pt">and warranties of the Loan Parties set forth in Article IV of the Credit
Agreement and in the other Credit Documents are true and correct in all material respects (except to the extent that such representation
and warranty is qualified by materiality, in which case such representation and warranty must be true in all respects) as if made
on such date (except for representations and warranties expressly made as of a specified date, which shall be true and correct
in all material respects (except to the extent that such representation and warranty is qualified by materiality, in which case
such representation and warranty must be true in all respects) as of such date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default has occurred and is continuing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
material adverse change in the business, operations, condition (financial or otherwise), assets or liabilities (whether actual
or contingent) of the Borrower Parties taken as a whole has occurred since March 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent</U>. Upon the satisfaction of all of the following conditions precedent, this Amendment shall, retroactively as of the
Effective Date, become effective: (i) the Borrower shall have paid or caused to be paid all costs and expenses incurred by the
Agent and the Lenders through the Effective Date and (ii) the Agent and the Lenders shall have received the following, all of which
shall be in form and substance satisfactory to the Agent and in sufficient counterparts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duly
executed counterparts of this Amendment signed by all of the Loan Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgment
of First Lien Guarantors to this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgment
of Second Lien Lenders to this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flood
hazard determination certificates for Silver Slipper Casino property, if required by Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate
of Borrower stating that (i) all material consents necessary or advisable in connection with the transactions contemplated by this
Amendment have been obtained, (ii) all of the foregoing conditions precedent have been satisfied and (iii) the Effective Date has
occurred; provided that if such certificate is not received by May 31, 2015 (unless such date is extended by the Administrative
Agent), this Amendment shall become null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion
of counsel to Borrower regarding the due authorization, execution and enforceability of this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents as the Administrative Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Amendment may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall
be deemed to constitute a complete, executed original for all purposes. Transmission by facsimile, &ldquo;pdf&rdquo; or similar
electronic copy of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such
counterpart. Any party hereto may request an original counterpart of any party delivering such electronic counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date</U>. Upon the satisfaction of the conditions precedent set forth in Section 2 of this Article II, this Amendment shall become
effective as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
Borrower, the Lenders, the Administrative Agent, the L/C Issuer and the Swing Line Lender have caused this Agreement to be executed
as of the day and year first above written.</P>

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    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><U>BORROWER</U>:</FONT></td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">FULL HOUSE RESORTS, INC.,</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">a Delaware corporation</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ Daniel Lee</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;</font></td>
    <TD><font style="font-size: 10pt">Daniel Lee</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:&nbsp;</font></td>
    <TD><font style="font-size: 10pt">President and Chief Executive Officer</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 49%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ADMINISTRATIVE AGENT,<br>
        COLLATERAL TRUSTEE, L/C</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ISSUER. SWING LINE LENDER<br>
        <u>AND LENDER</u>:</P></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="3" style="vertical-align: bottom"><font style="font-size: 10pt">CAPITAL ONE, NATIONAL ASSOCIATION,</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ Ross S. Wales</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:&nbsp;</font></td>
    <TD><font style="font-size: 10pt">Ross S. Wales</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:</font></td>
    <TD><font style="font-size: 10pt">Senior Vice President</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <TD STYLE="width: 49%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt"><u>LENDERS</u>:</font></td>
    <TD>&nbsp;</td>
    <td colspan="4"><font style="font-size: 10pt">NEVADA STATE BANK</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By: </font></td>
    <td colspan="3" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ Shannon Petersen</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">Name: </font></td>
    <TD STYLE="border-bottom: Black 1px solid"><font style="font-size: 10pt">Shannon Petersen</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt">Title: </font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">Executive Vice President</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <TD STYLE="width: 49%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="4"><font style="font-size: 10pt">FIRST TENNESSEE BANK</font><br>
<font style="font-size: 10pt">NATIONAL ASSOCIATION</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By: </font></td>
    <td colspan="3" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ James H. Moore, Jr.</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">Name: </font></td>
    <TD STYLE="border-bottom: Black 1px solid"><font style="font-size: 10pt">James H. Moore, Jr.</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt">Title: </font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">Senior Vice President</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 49%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="4"><font style="font-size: 10pt">TRUSTMARK NATIONAL BANK</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By: </font></td>
    <td colspan="3" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ Craig E. Sosebee</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">Name: </font></td>
    <TD STYLE="border-bottom: Black 1px solid"><font style="font-size: 10pt">Craig E. Sosebee</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt">Title: </font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">First Vice President</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="4"><font style="font-size: 10pt">BANK OF NEVADA</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By: </font></td>
    <td colspan="3" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">/s/ Doron Joseph</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="3"><font style="font-size: 10pt">Name: </font></td>
    <TD STYLE="border-bottom: Black 1px solid"><font style="font-size: 10pt">Doron Joseph</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <td colspan="2"><font style="font-size: 10pt">Title: </font></td>
    <td colspan="2" style="border-bottom: Black 1px solid"><font style="font-size: 10pt">Senior Vice President</font></td></tr>
</table>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>t82498_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: right">
    <TD STYLE="border-top: 2px solid black"><P STYLE="margin: 0"><B>Exhibit 10.2</B></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACKNOWLEDGMENT OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FIRST LIEN GUARANTORS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS ACKNOWLEDGMENT
OF FIRST LIEN GUARANTORS (this &ldquo;<U>Acknowledgment</U>&rdquo;), dated as of May 31, 2015, is made by FULL HOUSE SUBSIDIARY,
INC., a Delaware corporation, FULL HOUSE SUBSIDIARY II, INC., a Nevada corporation, GAMING ENTERTAINMENT (INDIANA) LLC, a Nevada
limited liability company, GAMING ENTERTAINMENT (NEVADA), LLC, a Nevada limited liability company, STOCKMAN&rsquo;S CASINO, a Nevada
corporation, SILVER SLIPPER CASINO VENTURE, LLC, a Delaware limited liability company (each a &ldquo;<U>Guarantor</U>&rdquo; and
collectively, the &ldquo;<U>Guarantors</U>&rdquo;) in favor of CAPITAL ONE, NATIONAL ASSOCIATION, as Administrative Agent and Collateral
Trustee for the Lender Parties (as defined in the Credit Agreement) (in such capacity, together with its successors in such capacity,
the &ldquo;<U>Administrative Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
Each of the Guarantors is a direct or indirect wholly-owned subsidiary of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
Full House Resorts,
Inc., a Delaware corporation (the &ldquo;<U>Borrower</U>&rdquo;) has entered into that certain First Lien Credit Agreement, dated
as of June 29, 2012 (as supplemented, modified, amended, extended or restated from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;),
among the Borrower, the Administrative Agent and the lenders party thereto from time to time (collectively, the &ldquo;<U>Lenders</U>&rdquo;)
pursuant to which the Lenders have agreed to extend loans and other financial accommodations to the Borrower for the purposes,
and on the terms and subject to the conditions, set forth in the Credit Agreement. In addition, certain of the Lender Parties (as
defined in the Credit Agreement) may, from time to time, enter into Rate Contracts with the Borrower. Capitalized terms used herein
and not otherwise defined herein shall have the meanings defined in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
The Guarantors
have entered into that certain First Lien Guaranty Agreement, dated as of June 29, 2012 (the &ldquo;<U>Guaranty Agreement</U>&rdquo;)
pursuant to which the Guarantors have agreed to guaranty all of the obligations of the Borrower pursuant to the First Lien Credit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
The Borrower and Lender Parties have entered into a Fourth Amendment to First Lien Credit Agreement, dated the date hereof (the
&ldquo;<U>Credit Agreement Amendment</U>&rdquo;) pursuant to which the Lenders have agreed to extend the drawdown deadline for
the Term Loan (Hotel), and make certain other modifications to the Credit Agreement (collectively, the &ldquo;<U>Modifications</U>&rdquo;).
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACKNOWLEDGMENT, CONSENT AND AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the benefits to be obtained by the Borrower and Guarantors in connection with the Credit Agreement Amendment,
the undersigned Guarantors hereby acknowledge, consent and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;
<U>Consent and Acknowledgment</U>. The undersigned Guarantors hereby consent to the Modifications and the Borrower&rsquo;s execution
of the Credit Agreement Amendment, and (ii) acknowledge that their Guaranty Agreement remains in full force and effect (as supplemented
below), and (iii) agree that all of Guarantors&rsquo; obligations under the Guaranty Agreement extend to all of the Guaranteed
Obligations of the Borrower under and as defined in the Guaranty Agreement, as increased by the Credit Agreement Amendment.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signatures on following pages]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned have executed this Guaranty as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>GUARANTORS</U>:</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 38%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 38%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">FULL HOUSE SUBSIDIARY, INC., <BR>
a Delaware corporation</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">GAMING ENTERTAINMENT (NEVADA), LLC, <BR>
a Nevada limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">/s/ Daniel Lee</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">/s/ Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name: </TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name: </TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">President</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">Manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">FULL HOUSE SUBSIDIARY II, INC., <BR>
a Nevada corporation</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">STOCKMAN&rsquo;S CASINO, a Nevada <BR>
corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">/s/ Daniel Lee</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">/s/ Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name: </TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name: </TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">President</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><div STYLE="margin-left: 9pt; text-indent: -9pt">GAMING ENTERTAINMENT (INDIANA)<BR>
LLC, a Nevada limited liability company</div></TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="layout-grid-mode: line">SILVER SLIPPER CASINO VENTURE, LLC<BR>
a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">Full House Resorts, Inc.,</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">By:</TD>
    <TD STYLE="layout-grid-mode: line">Full House Resorts, Inc.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">a Delaware corporation,</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">a Delaware corporation,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">its Manager</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">its Manager</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 35%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 29%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: top">/s/ Daniel Lee</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: left; vertical-align: top">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line; text-align: left; vertical-align: top">/s/ Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name:</TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name:</TD>
    <TD STYLE="layout-grid-mode: line">Daniel Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">President and Chief</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">President and Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Executive Officer</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ACCEPTED AND AGREED TO:&nbsp;</P>

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    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 6%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 38%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 4%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 7%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 39%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 0.25in; layout-grid-mode: line; text-indent: -0.25in">CAPITAL ONE, NATIONAL ASSOCIATION, as<BR>
Administrative Agent</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; layout-grid-mode: line">/s/ Ross S. Wales</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Name: </TD>
    <TD STYLE="layout-grid-mode: line">Ross S. Wales</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Title:</TD>
    <TD STYLE="layout-grid-mode: line">Senior Vice President</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>t82498_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 10.3</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ACKNOWLEDGMENT OF SECOND LIEN LENDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS ACKNOWLEDGMENT
OF SECOND LIEN LENDERS (this &ldquo;Acknowledgment&rdquo;), dated as of May 31, 2015, is made by ABC FUNDING, LLC, as administrative
agent and as collateral trustee for the Second Lien Lenders (as defined below) (in such latter capacity, the &ldquo;<B><I>Second
Lien Collateral Trustee</I></B>&rdquo;) in favor of CAPITAL ONE, NATIONAL ASSOCIATION, as administrative agent and as collateral
trustee for the First Lien Lenders (as defined below), in such latter capacity, the &ldquo;<B><I>First Lien Collateral Trustee</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reference is made to (a) the First Lien Credit Agreement dated as of June 29, 2012 (as amended, restated, amended and restated,
otherwise modified and/or Refinanced from time to time in accordance with the terms of the Intercreditor Agreement (as defined
below), the &ldquo;<B><I>First Lien Credit Agreement</I></B>&rdquo;), among the Borrower, the lenders from time to time party
thereto (the &ldquo;<B><I>First Lien Lenders</I></B>&rdquo;) and Capital One, National Association, as administrative agent for
the First Lien Lenders (in such capacity, including any successor thereto, the &ldquo;<B><I>First Lien Administrative Agent</I></B>&rdquo;)
and First Lien Collateral Trustee, (b) the Second Lien Credit Agreement dated as of October 1, 2012 (as amended, restated, amended
and restated, otherwise modified and/or Refinanced from time to time in accordance with the terms of the Intercreditor Agreement,
the &ldquo;<B><I>Second Lien Credit Agreement</I></B>&rdquo; and, together with the First Lien Credit Agreement, the &ldquo;<B><I>Credit
Agreements</I></B>&rdquo;), among the Borrower, the lenders from time to time party thereto (the &ldquo;<B><I>Second Lien Lenders</I></B>&rdquo;)
and ABC Funding, LLC, as administrative agent for the Second Lien Lenders (in such capacity, including any successor thereto,
the &ldquo;<B><I>Second Lien Administrative Agent</I></B>&rdquo;) and Second Lien Collateral Trustee, (c) the First Lien Security
Agreement dated as of October 1, 2012 (as amended, restated, amended and restated or otherwise modified from time to time in accordance
with the terms of the Intercreditor Agreement, the &ldquo;<B><I>First Lien Security Agreement</I></B>&rdquo;), among the Borrower,
the subsidiaries of the Borrower from time to time party thereto and Capital One, National Association, as First Lien Collateral
Trustee, (d) the Second Lien Security Agreement dated as of October 1, 2012 (as amended, restated, amended and restated or otherwise
modified from time to time in accordance with the terms of the Intercreditor Agreement, the &ldquo;<B><I>Second Lien Security
Agreement</I></B>&rdquo;), among the Borrower, the subsidiaries of the Borrower from time to time party thereto and ABC Funding
LLC, as Second Lien Collateral Trustee, and (e) the other Security Documents referred to in the Credit Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reference is also made to that certain Intercreditor Agreement, dated as of October 1, 2012 (as amended, restated, amended
and restated or otherwise modified from time to time in accordance with the terms of therein, the &ldquo;<B><I>Intercreditor Agreement</I></B>&rdquo;),
among the First Lien Collateral Trustee, the Second Lien Collateral Trustee, the Borrower and its subsidiaries identified therein.
Capitalized terms used herein and not otherwise defined herein shall have the meanings defined in the Intercreditor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrower and First Lien Lenders have entered into a Fourth Amendment to First Lien Credit Agreement and Second Amendment
to Construction Monitoring and Disbursement Agreement, dated the date hereof pursuant to which the First Lien Lenders have agreed
to extend the drawdown deadline for the Term Loan (Hotel), and to make certain other modifications to the First Lien Credit Agreement
and the Construction Monitoring and Disbursement Agreement (collectively, the &ldquo;<U>Modifications</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ACKNOWLEDGMENT, CONSENT AND AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, for
the same consideration as for the Intercreditor Agreement, the undersigned Second Lien Collateral Trustee, acting for itself and
for the Second Lien Lenders, hereby acknowledges, consents and agrees to all of the Modifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Second Lien Collateral Trustee has caused this Agreement to be duly executed by its authorized officer on behalf of itself
and the Second Lien Lenders.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 37%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>SECOND LIEN COLLATERAL TRUSTEE</U>:</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">ABC FUNDING, LLC, as Second Lien</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Administrative Agent and Second Lien Collateral Trustee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">/s/ James Freeland</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: James Freeland</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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